💰 Financial Performance

Revenue Growth by Segment

Overall revenue for FY25 grew 36.95% YoY to INR 123.82 Cr. Q1 FY26 revenue reached INR 34.35 Cr, representing a 22% growth compared to Q1 FY24. Segment-specific percentage splits were not disclosed.

Geographic Revenue Split

The company operates globally in all major countries except the United States. Domestic operations and freezing facilities are concentrated in Tuticorin, Andhra Pradesh, Tamil Nadu, and Kerala. Specific regional percentage contributions were not disclosed.

Profitability Margins

The company targets sustainable EBITDA margins of 18–20%. Q1 FY26 PBT grew 30% YoY to INR 5 Cr. EPS for Q1 FY26 stood at INR 1.48, a 24% increase from INR 1.20 in the previous year.

EBITDA Margin

Q1 FY26 EBITDA was INR 7 Cr on revenue of INR 34.35 Cr, yielding an EBITDA margin of 20.38%. This aligns with the company's long-term target of 18-20%.

Capital Expenditure

The company has received an in-principle sanction for a INR 100 Cr term loan from a nationalized bank to support the development of the Maritech Eco Park. Additionally, INR 6.22 Cr was infused as equity into Kings Maritech Eco Park Ltd.

Credit Rating & Borrowing

CRISIL Ratings assigned a 'Crisil BB/Stable' rating to INR 12.5 Cr NCDs and reaffirmed 'Crisil BB/Stable/Crisil A4+' for existing bank loan facilities. Short-term borrowings increased significantly from INR 5.91 Cr in FY24 to INR 23.37 Cr in FY25.

⚙️ Operational Drivers

Raw Materials

The primary raw material is Vannamei shrimp. Cost of materials consumed in FY25 was INR 101.50 Cr, representing 81.9% of total revenue.

Import Sources

Raw materials are primarily sourced domestically through captive farming and backward integration in states like Tamil Nadu, Andhra Pradesh, and Kerala.

Capacity Expansion

The company is expanding via the Maritech Eco Park project, supported by a INR 100 Cr loan. It currently operates freezing facilities across four Indian states (Tamil Nadu, Andhra Pradesh, Kerala, and Tuticorin).

Raw Material Costs

Raw material costs grew 32.18% YoY to INR 101.50 Cr in FY25. Procurement strategies focus on backward integration and proprietary aquaculture technology (SISTA360) to improve feed conversion ratios (FCR).

Manufacturing Efficiency

Focus is on improving survival rates and crop cycles through technical training and technology-first farming productivity.

Logistics & Distribution

Distribution is being centralized through 'KI Global', a Dubai-based entity established for global marketing and distribution.

📈 Strategic Growth

Expected Growth Rate

22%

Growth Strategy

Growth will be achieved through a decentralized corporate structure where each vertical (aquaculture, processing, real estate) operates as an independent profit center. Key pillars include land monetization of land banks to fund capex, shifting the export mix toward high-margin value-added products, and global expansion via the Dubai-based KI Global entity.

Products & Services

Frozen shrimp, shrimp cocktail, shrimp skewers, shrimp burgers, shrimp tempura, and other ready-to-eat or easy-to-cook variants.

Brand Portfolio

Kings Frigo, Kings Bento.

New Products/Services

Expansion into value-added shrimp products (burgers, tempura) to cater to urban demand for convenience, targeting higher margins than traditional frozen whole shrimp.

Market Expansion

Establishing dedicated procurement and seafood distribution entities in Dubai (KI Global) to enhance penetration in premium international markets.

Market Share & Ranking

Not disclosed in available documents; however, the company is noted as a pioneer in Indian aquaculture.

Strategic Alliances

Integration of Sriaqua assets and personnel; strategic partnerships with global and domestic technology partners for the Blue Economy.

🌍 External Factors

Industry Trends

The industry is shifting toward sustainable, traceable, and antibiotic-free protein sources. There is a growing 22%+ demand trend for value-added shrimp products over traditional frozen whole shrimp.

Competitive Landscape

The company faces intense competition from other Indian seafood players, though it differentiates through technology-first farming and branded retail.

Competitive Moat

The moat is built on 40+ years of promoter experience, proprietary SISTA360 technology, and an integrated 'pond to plate' model. These advantages are sustainable due to the high technical barrier of biosecurity management.

Macro Economic Sensitivity

Highly sensitive to global trade policies and fiscal consolidation plans. Inflationary pressures on feed and energy could impact the 81.9% material cost base.

Consumer Behavior

Urban consumers are increasingly shifting toward ready-to-cook meal options and convenience-based seafood products.

Geopolitical Risks

Trade frictions and protectionist spirals are cited as crucial risks that could disrupt uncertainty and investment in the export-heavy seafood sector.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by biosecurity SOPs, international quality assurance standards, and pond-to-plate traceability requirements.

Environmental Compliance

Focus on ESG through sustainable land-based shrimp farming and antibiotic-free production to meet international buyer specifications.

Taxation Policy Impact

Current tax liabilities stood at INR 4.97 Cr as of March 31, 2025.

⚠️ Risk Analysis

Key Uncertainties

Biosecurity/disease outbreaks (High impact), global trade protectionism (Medium impact), and working capital management (Medium impact).

Geographic Concentration Risk

Operations are concentrated in 4 Indian states; revenue is export-dependent across global markets excluding the US.

Third Party Dependencies

Dependency on raw material sourcing from farmers and synergistic linkages with global distribution partners.

Technology Obsolescence Risk

The company is mitigating this by transitioning to a tech-driven aquaculture model and strengthening internal inventory and traceability systems.

Credit & Counterparty Risk

Trade receivables of INR 39.67 Cr represent 32% of annual revenue, indicating significant credit exposure to international buyers.